北京天星医疗股份有限公司（以下简称"天星医疗"）近期向香港证券交易所递交了首次公开募股（IPO）的申请，这一举动距离其今 年6月在上海科创板IPO失败尚不足三个月，迅速引起了市场的广泛关注。 在天星医疗的港股招股书中，公司解释了撤回科创板上市申请的原因："鉴于当时的市场状况以及科创板上市审批流程的耗时较长， 公司于2025年6月决定撤回上市申请。"然而，值得注意的是，此次IPO的终止并非天星医疗主动为之。 据上海证券交易所官方网站的信息显示，天星医疗科创板IPO审核被终止的直接导火索是其保荐机构——中金公司的单方面撤单。一 位知情人士透露，天星医疗与保荐机构在协商未能达成一致后，保荐机构选择了主动撤回该公司的IPO申请。 保荐人单方面撤回IPO申请的情况并不罕见。例如，今年早些时候，东方证券也单方面撤回了宁波中淳高科股份有限公司的主板IPO 申请。一位南方的私募人士表示："这类情况愈发频繁，如果保荐机构与发行人协商无果，保荐机构可能会为了履行其'看门人'的职 责，而选择撤回发行人的IPO申请并解除保荐关系。" 此次转战港股市场，天星医疗已经更换了保荐人，聘请中信证券和建银国际作为联席保荐人。天星医疗专注于运动 ...

Core Insights - The establishment of the Shenzhen Sports Medicine and Rehabilitation Concept Validation Center aims to bridge the gap between research, clinical application, and industry in the field of sports medicine [1][2] - The center is recognized and funded by the Shenzhen Municipal Science and Technology Innovation Bureau, and it is a collaborative effort involving government, enterprises, capital, and research institutions [1] Group 1: Center's Objectives - The center serves as an "innovation testing ground" to advance technology validation and optimization, providing a preclinical validation platform for early-stage sports medicine technologies [2] - It acts as a "cooperation incubator" to promote collaborative innovation between medical institutions and enterprises, facilitating customized product development through a "medical-enterprise joint laboratory" model [2] - The center functions as a "resource linker" to connect capital with industry, attracting investment and accelerating the commercialization of mature technologies [2] Group 2: Industry Context - The sports medicine field has seen significant innovations in areas such as injury repair, rehabilitation technology, and smart wearable devices, but faces challenges in translating laboratory results to market applications [1] - The center aims to address the bottlenecks in technology transfer, particularly the low conversion rates due to the lack of clinical applicability verification and the high risks associated with long R&D cycles for enterprises [1]

在医疗产业创新发展交流会上，来自政府、高校、企业、投资机构等不同领域代表，就依托深圳市运动 医学概念验证中心，打造"政府引导、医疗机构牵头、企业参与和资本助力"的协同发展模式进行了深入 探讨，为运动医学产业打开广阔的发展空间，助力深圳打造运动医学创新高地。 【深圳商报讯】（记者赵鸿飞通讯员向雨航）8月7日，在北京大学深圳医院举行的"'政医企资'协同赋 能（运动医学）医疗产业创新发展交流会"上，深圳市运动医学与康复医学概念验证中心（以下简称"中 心"）正式揭牌。该中心由深圳市科技创新局认定资助，北大深圳医院牵头，联合政府、企业、资本及 科研机构共建，旨在打通运动医学领域"科研-临床-产业"转化全链条，解决技术落地难、医企对接不畅 等痛点，助力深圳打造全球领先的运动医学创新高地。 深圳市运动医学"三名工程"首席专家、复旦大学运动医学研究所所长陈世益教授指出，运动医学作为融 合临床医学、生物力学、材料科学等多学科的交叉科学，近年来在运动损伤修复、康复技术、智能穿戴 设备等方面涌现大量创新成果，但普遍面临"实验室到市场"的转化瓶颈。一方面高校研发的技术往往缺 乏临床适用性验证，导致转化率低；另一方面，企业则因研发周期 ...

Core Viewpoint - Tianxing Medical's IPO journey has ended due to the withdrawal of its sponsor, highlighting challenges faced by domestic companies in the competitive medical market [1] Group 1: Company Performance - Tianxing Medical, recognized as the leading domestic player in the sports medicine market, saw its revenue grow from 73.01 million yuan in 2021 to 241 million yuan in 2023, achieving a compound annual growth rate (CAGR) of 81.75% [2] - In 2023, Tianxing Medical held approximately 4% market share in China's sports medicine sector, but over 80% of the market is dominated by international giants like Stryker and Johnson & Johnson [2] - For the first three quarters of 2024, Tianxing Medical reported revenue of 223 million yuan and a net profit of 64.08 million yuan, marking a turnaround from previous losses [2] Group 2: Fundraising Controversy - Tianxing Medical initially aimed to raise 1.093 billion yuan but later revised this target down to 880 million yuan, despite having total assets of only 551 million yuan as of September 2024 [3] - The updated prospectus indicated that 25% of the raised funds (220 million yuan) was intended for working capital, raising questions about the necessity of such fundraising given the company's cash reserves of 384 million yuan and a low debt ratio of 19.03% [3] - The company faced scrutiny from the Shanghai Stock Exchange regarding its fundraising logic, but failed to provide satisfactory responses before withdrawing its IPO application [3] Group 3: Industry Insights - The failure of Tianxing Medical's IPO serves as a cautionary tale for the booming medical technology investment sector, emphasizing the need for solid scale, clear funding requirements, and robust investment logic to succeed in the capital market [4] - Despite the rapid growth potential in the sports medicine market, domestic companies like Tianxing Medical still face significant challenges in competing with established international firms [4] - The case illustrates that while high growth narratives attract capital, a strong foundational business and credible financial strategies are essential for long-term success in the industry [4]